Here is a list of the other types of GST invoices besides a tax invoice.
Bill of supply
The only difference between a bill of supply and a tax invoice is that a 0% or no GST is charged in the former. Therefore, this type of invoice can be issued in 2 cases.
- When a GST-registered supplier has chosen the composition scheme.
- When a GST-registered supplier is dealing in exempted services and goods.
As a result, the recipient does not have the provision to claim an input tax credit based on this document.
Also, a registered entity can issue an all-encompassing invoice-cum-bill of supply as per the Notification No. 45/2017 of Central Tax if it deals in both exempt and taxable services/goods.
If a seller issues multiple invoices to an unregistered buyer, each less than Rs.200, he/she can issue a single invoice, summing up all the amounts. This is called a bulk or aggregate invoice.
Debit and credit note
Such commercial documents are issued when there is any discrepancy found in a previously issued tax invoice for a product or service.
A debit note is issued when any of these 2 conditions arise.
- The formerly issued tax invoice displays a lower taxable value than the correct amount.
- The amount of tax charged in this tax invoice is lower than the actual value.
On the other hand, a credit note is issued for the opposite reasons.
- The taxable amount or tax charged in the invoice is higher than the correct figures.
- There is a discrepancy in services or products provided, and the buyer returns them and asks for a refund.
Besides the above types of invoices in GST, there are several other documents and vouchers relating to such transactions, depending on several conditions.